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GBP/USD Forex Signal - 30 April 2015

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

GBP/USD Signals Update

Yesterday’s signals suggested a short off bearish candlesticks at around 1.5388 which resulted in a losing trade.

Today’s GBP/USD Signals

Risk 0.75% per trade.

Trades should only be taken between 8am and 5pm London time.

 

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5390.

  • Put the stop loss 1 pip below the local swing low.

  • Move the stop loss to break even once the trade is 25 pips in profit.

  • Take off 50% of the position as profit when the price reaches 1.5490 and leave the remainder of the position to run.

 

Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5550.

  • Put the stop loss 1 pip above the local swing high.

  • Move the stop loss to break even once the trade is 25 pips in profit.

  • Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.

GBP/USD Analysis

This pair moved very bullishly yesterday following the poor USD data. That is not surprising as it is usually the leaders in the pack that do the best when there is news that only pushes in the direction of the trend.

The price went all the way up to a level just a few pips short of the key psychological level of 1.5500.

However the chart still looks bullish, and quite straightforward. The first test will be whether the level at 1.5390 holds, as if the pair remains very bullish it should have flipped from resistance to support now. Note how the level did hold initially yesterday as resistance.

GBPUSD 43015

There are high-impact events scheduled today concerning the USD but not the GBP. There will be a release of U.S. Unemployment Claims data at 1:30pm London time.

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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